The estate of bankrupt crypto exchange FTX is preparing for another major asset sale, this time involving locked Solana (SOL) tokens. Unlike previous transactions, this batch of Solana tokens will be sold via an auction process, which is a departure from the fixed-price sales previously conducted.
According to Mike Cagney, CEO of Figure Markets, a decentralized financial services company, the domain will be reveal the exact details of the auction today. The decision to opt for an auction rather than a fixed-price sale reflects a strategic pivot aimed at potentially maximizing returns for the estate’s creditors.
How much are Solana tokens selling for this time?
Latest transaction involving Solana tokens by FTX domain brought $1.9 billion, with the tokens priced at around $64 each, in stark contrast to Solana’s current market value of around $150, representing a 67% discount from its market value at the time. As FTX revealed in the summer of 2023, the bankrupt crypto exchange held $1.2 billion in Solana as of August 31, 2023. SOL was at $20 then.
Figure Markets, led by Cagney, is organizing a special purpose vehicle (SPV) to allow a wider range of investors to participate in auctions. This SPV will be open to non-US investors and accredited US investors, with the aim of consolidating and amplifying bidding power.
Cagney’s announcement on , with specific details coming Monday. If you want to participate, join us.
Cagney added in another job on FTX Creditor upset about SOL sales? Or are you not a creditor, but you still think that the last sales were too cheap? Well, now you can do something. This initiative not only opens up financial opportunities for investors, but also provides a platform for relevant parties to actively influence the outcome of the asset liquidation process.
Related reading: Lender Solana drama deepens: $250 million exit after founder leaves
Locked Solana tokens represented a significant portion of FTX’s assets at the time of its collapse and were a focal point for buyers eager to speculate on future market movements of these assets. The nature of these tokens, being locked, means that they cannot be sold until a specified future date, adding a layer of risk and potential reward that appears to have attracted strong investor interest.
At press time, Solana’s stock price was 27% below its year-to-date high of $210. SOL was trading at $152.94 and is now heading towards the crucial resistance at the 0.618 Fibonacci retracement level at $162.
Featured image of X @solana, chart by TradingView.com
